Someone correct me if I'm wrong, but doesn't a lot of it have to do with noise level? That is, if you have 95db above noise, you have an effective 16 bits, because the lower 8 (24-16) are filled with useless noise. What does it matter if you have 24 bits if 8 of it is unusable? On the other hand, if the noise level is,say -125db, then you have something beyond 16 bits, which is good, but not a usable full 24. On the other (the third) hand, if you have noise hanging around -145, then you have the full 24 bits above it to fill with music, and everything you paid for.They can sell you a 5 gallon bucket, but if the bottom gallon is already filled, it's really only 4 gallons, as far as you're concerned.
Or is that not the way it works?